The 'Goods and Services Tax' on construction services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on construction services is:

A. 5%

B. 18% for commercial construction

C. 12%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Commercial construction services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of international reserves, the 'Guidotti-Greenspan Rule' suggests that:

A. Reserves should equal total external debt

B. Reserves are unnecessary under floating rates

C. Countries should hold reserves at least equal to short-term external debt

D. Reserves should equal only three months of imports

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Correct Answer: Option C

Explanation:
The Guidotti-Greenspan rule is a rule of thumb recommending that emerging-market countries hold foreign-exchange reserves at least equal to their short-term external debt in order to reduce vulnerability to sudden stops.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Regional Comprehensive Economic Partnership' was signed in which year?

A. 2021

B. 2020

C. 2022

D. 2015

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Correct Answer: Option B

Explanation:
RCEP was signed in November 2020.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Employees' Provident Fund Organisation' operates under which ministry?

A. Ministry of Labour and Employment

B. Ministry of Finance

C. Ministry of Corporate Affairs

D. Ministry of Social Justice

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Correct Answer: Option A

Explanation:
EPFO operates under the Ministry of Labour and Employment.

This question belongs to: Economy GK Economy Set 1

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